Bensalem, PA. July 20, 2001 Metals e-marketplace survivor BuyStainlessOnline reported this week that it had created a real-time inventory listing for one of its 50 stainless steel suppliers.
"In a market where our competitors have faltered due to lack of technological advantages, we have proven that it doesn't take 200 million dollars to fund a proper web business," said Mason Fine, president of the e-marketplace, which was founded in 1999 and opened for trading in January 2000.
BuyStainlessOnline describes itself as "the Internet's first 100-percent stainless steel only Web site." The company's site allows users to obtain electronic quotes and to post items for auction. Sellers pay an annual membership fee of $250.
The online metals market has hit hard times recently, with sites Aluminum.com, MetalSite.com and MetalSpectrum.com ceasing trading. Fine has said that his site anticipates reaching profitability by the end of 2001.